Turkey made a high-level political commitment to work with the Financial Action Task Force to fight against money laundering and the financing of terrorism, the country´s finance minister said on Tuesday, Anadolu Agency reported.
Mehmet Simsek said in a statement that the task force, whose regulations came into effect in 2010, changed Turkey´s rating to the grey list from the dark grey list resulting in a reduction in the cost and time of global financial transactions which would benefit business people in the country.
Simsek also said "most importantly, Turkey's predictability in the international financial system has strengthened and Turkey´s efforts will continue towards full compliance with the FATF."
The minister added that Turkey would take its rightful place very soon among the Task Force member countries.
Last Thursday, the FATF praised Turkey's progress in improving its Countering of Financing of Terrorism (CFT) regime and said an on-site visit will be conducted to confirm the process has been implemented.
The FATF is an international body which was established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF comprises of 34 developed countries and two regional organisations.
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.